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1 1 (June 17, 2020)

handle is hein.crs/govdhzy0001 and id is 1 raw text is: Researh Sevice Delivery of Economic Impact Payments (EIPs) Updated June 17,2020 To mitigate the financial hardship manyAmericans are experiencing during the Coronavirus Disease (COVID- 19) pandemic, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136). Acritical element of the aid package is direct payments to certain individuals in 2020. The payments are referred to as recovery rebates in Section 2201 of the act, but the Internal Revenue Service (IRS) calls them economic impact payments (EIPs) in the notices it shares with the general public. To qualify for a full EIP, an individual's adjusted gross income (AGI) in 2019 cannot exceed $75,000 (or $150,000 for married couples filing jointly). The payment phases out forAGIs between $75,000 and $98,000 for single filers, and between $150,000 and $198,000 forjoint filers. For more information on these payments, see CRS Insight IN 11282, COVID-19 and Direct Payments to Individuals: Summary of the 2020 Recovery Rebates/Economic Impact Payments in the CARES Act (PL. 116-136). This Insight presents a brief overview of the delivery of EIPs and identifies factors that might affect the timing and accuracy of their delivery. Delivery of Payments The IRS is administering the EIP program, with assistance from the Treasury Department's Bureau of the Fiscal Service, which is issuing the payments. In doing so, it has drawn on its experience in administering a similar payment program established by the Economic Stimulus Act of 2008 (ESA, P.L. 110-185). According to figures from the IRS, most payments had been delivered by June 3, 2020. The CARES Act provided the IRS with $500.7 million to implement the program; the funds are available until September 30, 2021. By contrast, Congress appropriated $270 million for the IRS to implement the 2008 stimulus payments. EIPs have been distributed to three categories of taxpayers: * eligible individuals who filed a return in 2019 (or in 2018 if no return for 2019 is filed before payments are disbursed); * eligible individuals who were not required to file a return for either year and who received Social Security benefits, Railroad Retirement (RR) benefits, Supplemental Security Income, or certain Veterans Administration benefits in 2019; and Congressional Research Service https://crsreports.congress.gov INI 1393 CRS MNS GHT Prepared ior M:blembersand Com0 n.. teesoe on mcC n ------------------------------------------------------------------------------------------------------------------------------------....................................----------------------------------

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